IMF Forecasts 3.3% Growth for Nigeria’s Economy in 2024

In a recent update, the International Monetary Fund (IMF) forecasted 3.3% economic growth in Nigeria. The information was announced in the April section of the IMF’s World Economic, which was released on Tuesday, April 16, during the 2024 Spring Meetings of the World Bank and IMF in Washington, United States.

The forecast gave a 0.3 percent increase point from the previous 3.0 percent growth prediction published in the IMF’s January 2024 World Economic Outlook.

However, the IMF has taken a more conservative stance for 2025, reducing Nigeria’s economic growth forecast to 3.0 percent, a slight decrease from the 3.1 percent predicted in early January.

The IMF has maintained its 3.8 percent economic growth forecast for 2024 within the broader Sub-Saharan Africa region and revised the 2025 forecast downward to 4.0 percent from the previously projected 4.1 percent.

Also, the IMF’s increase in its growth forecast to 3.2 to 3.1 percent for 2024, as projected, helped the global economic outlook receive a modest boost. The IMF raised its growth forecast for 2024 to 3.2 percent, up from the 3.1 percent projected in the January 2024 World Economic Outlook. The forecast for 2025 remains unchanged at 3.2 percent.

The IMF, in a statement, mentioned that the estimated 3.2 percent global growth in 2023 may be extended at the same pace in 2024 and 2025.

It further stated, ” The projection for 2024 is revised by 0.1 percentage point from the January 2024 WEO Update and by 0.3 percentage point from the October 2023 WEO forecast.”

It elaborated on various trends that might be visible in multiple economies, leaving the advanced economy to witness slight growth.

Ojeyemi Adeleye
Ojeyemi Adeleye
I am Ojeyemi Adeleye, a theatre arts graduate of the University of Ilorin and a masters degree holder in Dramatic Arts, Obafemi Awolowo Univerisity. I am a content writer who believes the world can be brought to your doorsteps through writing.

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